Mr. Paul Anderson reports

ABACUS ANNOUNCES CLOSING OF THE WILLOW PORPHYRY COPPER PROPERTY AND AMENDS CERTAIN TERMS OF THE ACQUISITION AGREEMENT

Further to the news release dated June 4, 2024, Abacus Mining & Exploration Corp. has amended, at the request of the TSX Venture Exchange, certain terms of the June 4, 2024, agreement with Almadex Minerals Ltd. and its wholly owned Nevada subsidiary Almadex America Inc. to acquire a 100-per-cent ownership interest in the Willow porphyry copper property located in Yerington, Nev., and data associated with the Willow property.

Pursuant to the terms of the amending agreement:

• The company has issued 9,546,922 common shares of Abacus to Almadex.
• The requirement, under the June 4, 2024, agreement, to issue the top-up shares to Almadex on July 31, 2025, has been removed.
• The net smelter royalty has been increased from 2.0 per cent from future production of minerals from the Willow property, under the June 4, 2024, agreement, to 2.5 per cent, of which the company can buy back 0.5 per cent for $500,000 for a period of two years from the closing date, which consideration may be paid, at the company's election, either in cash or, subject to prior exchange approval at the time of election, equivalent shares in the capital of the company.

"The revised agreement has the effect of immediately fixing the number of shares to be issued to Almadex," commented Paul G. Anderson, president and chief executive officer of Abacus. "The company has now consolidated ownership of a very prospective porphyry copper property in a very active district, which remains poorly drill tested."

Work done to date by Abacus leads the company to believe that Willow contains a fifth porphyry within the Yerington camp. Of the known porphyries in the camp, the Ann Mason deposit lies adjacent to and east of Willow, and is held by Hudbay Minerals. In 2021, Hudbay announced an updated preliminary economic assessment on Ann Mason with a revised measured and indicated resource of 2.2 billion tonnes at 0.34 per cent copper.

Lion Copper and Gold controls the Yerington, Bear and MacArthur porphyries adjacent to and to the east of Ann Mason. Anaconda mined the Yerington porphyry between 1952 and 1978, producing 1.6 billion pounds of copper. MacArthur (M&I of 159 million tonnes at 0.212 per cent Cu) has seen some past production and is currently undergoing a prefeasibility study. In March of 2022, Lion announced that Rio Tinto had taken an option on the company's Yerington assets, and it announced the results of a new PEA in March of this year.

The company in addition to Willow has a lease on the Nev-Lorraine claims contiguous to Willow, giving it the right to explore and to elect to purchase these claims outright over a 10-year period.

Abacus also holds a 20-per-cent ownership interest in the Ajax copper-gold porphyry project, located near Kamloops, B.C., which is managed by base metal major KGHM Polska Miedz SA, which holds the remaining 80 per cent. The Ajax project contains significant quantities of copper and gold, within a National Instrument 43-101 proven and probable mineral reserve of 426 Mt at 0.29 per cent Cu, 0.19 gram per tonne gold and 0.39 g/t silver. Contained metal is in the order of 2.7 billion pounds Cu, 2.6 million ounces Au and 5.3 million ounces Ag.

The technical information in this news release has been reviewed and approved by Paul G. Anderson, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101.

About Abacus Mining & Exploration Corp.

Abacus is a mineral exploration and mine development company currently focused on copper and gold in British Columbia and Nevada. The company's main asset is a 20-per-cent ownership interest, together with KGHM (80 per cent), in the proposed copper-gold Ajax mine located southwest of Kamloops, B.C., which has undergone a joint provincial and federal environmental assessment process. On Dec. 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum Resources to decline to issue an environmental assessment certificate for the project. KGHM has recently reopened an office in Kamloops, B.C., to facilitate first nations, community and governmental engagement to advance the project toward a potential resubmission of the environmental application.

Abacus also owns a 100-per-cent interest in the Willow copper-gold property located near Yerington, Nev., and it controls the contiguous Nev-Lorraine claims subject to a 10-year lease agreement.

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